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Gilead Sciences

Proven track record with good future prospects in a strong

financial position.

COMPANY Gilead Sciences Inc.

INDUSTRY Biotechnology

PRIMARY TICKER NasdaqGS:GILD

SECONDARY TICKERS
COMPETITORS

Amgen Biogen Celgene

Regeneron Pharmaceuticals Alexion Pharmaceuticals Vertex Pharmaceuticals

Pharmacyclics BioMarin Pharmaceutical

VALUE
Gilead Sciences's value based on future cash flows and its price relative to the stock market. 

VALUE BASED ON FUTURE CASH FLOWS

The estimated value of Gilead Sciences shares based on future cash flows discounted to their present value. Learn more.

Future cash
flow value $96.35
Undervalued About right Overvalued

Current
share price
$105.21

The current share price of Gilead Sciences is above its future cash flow value (Share price is $105.21 vs Future cash flow
value of $96.35).
PRICE RELATIVE TO MARKET
The relative price of Gilead Sciences shares compared to stock market averages.

PRICE BASED ON PAST EARNINGS PRICE BASED ON EXPECTED GROWTH

Ov $$
er $$
v
($ alue $
$$
)

) d
($
lue
va

$
od
Go

Growth
Earnings

Pharma and Biotech industry average

Gilead Sciences Gilead Sciences

Overvalued based on earnings compared to the Good value based on expected growth.
Pharma and Biotech industry average.

Good value based on earnings compared to the

overall market.

PRICE BASED ON VALUE OF ASSETS

$$
$$
$
$

Assets

Pharma and Biotech industry average

Gilead Sciences

Overvalued based on assets compared to the Pharma

and Biotech industry average.
FUTURE PERFORMANCE
Gilead Sciences's expected performance in the next 1 to 3 years, based on estimates from 23 analyst(s). 

40%
Expected earnings
growth over 3 years.
Estimated 1 year earnings growth is above the low risk
savings rate, plus a premium to keep pace with inflation.
Estimated 3 year earnings growth is above the low risk
savings rate, plus a premium to keep pace with inflation.

1 & 3 YEAR ESTIMATED GROWTH IN EARNINGS

Gilead Sciences Low risk savings rate + inflation (6.3% pa)

40.3%

18.2% 20.1%
6.3%
+ 1 year + 3 years

YEAR ON YEAR ESTIMATED GROWTH IN EARNINGS

400%

2014
2013 2015 2016 2017

0%
FUTURE PROFIT ESTIMATE
$40B
Estimated

Estimated Revenue
USD

Estimated Profit

$0
2012 2013 2014 2015 2016 2017 2018

Profit is not expected to increase more than 50% in 1 year's time.

Profit is not expected to increase more than 100% in 3 years time.

FUTURE PERFORMANCE

+3 years
+1 year

Return
on Equity
Return
on Equity
Pharma and Biotech industry average
Gilead Sciences

Gilead Sciences is expected to perform strongly after 3 years time.

Performance after 3 years time is expected to be above the current industry average.

Gilead Sciences's performance is expected to be worse after 3 years time.

PAST PERFORMANCE
Gilead Sciences's performance over the past 5 years. 

PAST GROWTH GROWTH ANALYSIS

Gilead Sciences's profit growth has exceeded the
industry average over the past year.
306.1%
Gilead Sciences's 1 year profit growth exceeds its 5
year annual average (306% vs 26%).

Gilead Sciences has delivered strong profit growth

(520%) in the past 5 years.
26.2% 15.8%
Gilead Sciences 1 year
Gilead Sciences 5 year annual average
Pharma and Biotech industry 1 year average

PROFIT HISTORY
$30B
USD

Revenue

Profit
$0
2008 2009 2010 2011 2012 2013 2014
PERFORMANCE LAST YEAR

Return Return Return

on Equity on Assets on Capital

Pharma and Biotech industry average

Gilead Sciences

Strong return on shareholders funds (ROE) last year.

Gilead Sciences performed above the Pharma and Biotech industry average based on return on assets (ROA) last year.

Performance based on revenue producing assets (ROCE) has improved significantly over 3 years.
HEALTH
Gilead Sciences's financial health and their level of debt. 

NET WORTH

Short term Long term

Net worth
$40B
USD

Net worth

$0
2008 2009 2010 2011 2012 2013 2014 Liabilities Assets

Gilead Sciences is able to meet its short term (1 year) commitments with its holdings of cash and other short term
assets.

Gilead Sciences's cash and other short term assets cover its long term commitments.

BALANCE SHEET

ASSETS LIABILITIES AND SHARES

Cash + Investments
Debt

Other Assets Shares

Physical…
Customers unp…
Other unpaid Su…
Inventory

Low level of unsold assets

HISTORICAL DEBT
$20B
USD

Net worth (Equity)

Debt

$0
2008 2009 2010 2011 2012 2013 2014

The level of debt (78%) compared to net worth is high (greater 40%).

The level of debt compared to net worth has increased over the past 5 years.

Total debt is well covered by annual operating cash flow (greater than 20% of total debt).

Interest on debt is well covered by earnings (28.4x coverage).

INCOME
Gilead Sciences's current dividend yield, its volatility and sustainability. 

ANNUAL DIVIDEND INCOME DIVIDEND AMOUNT

0%
Paying below low risk savings rate. (1.75%)

Current annual Paying below the markets top dividend payers. (4.31%)
income from Gilead
Sciences dividends.
Estimated to be
1.73% next year.

HISTORICAL DIVIDEND YIELD

0.2%

0%
-6 yrs -5 yrs -4 yrs -3 yrs -2 yrs -1 yrs Now

Gilead Sciences Pharma and Biotech industry average

Not paying a notable dividend.

Not paying a notable dividend.

CURRENT PAYOUT TO SHAREHOLDERS FUTURE PAYOUT TO SHAREHOLDERS

Paid to you

0% 19%
Now +3 yrs

Retained by
Gilead Sciences

Not paying a notable dividend. Dividends after 3 years are expected to be well
covered by net profit (5.3x coverage).
MANAGEMENT
Gilead Sciences's CEO's compensation, management and board of directors. 

CEO

John Martin
COMPENSATION $18,957,994
AGE 63
CEO BIO
Dr. John C. Martin, Ph.D. has been the Chief Executive Officer of Gilead Sciences Inc. since April 1996 and served as its
President from April 1996 to May 2008. Dr. Martin joined Gilead Sciences Inc. in October 1990 as Vice President for Research
and Development. He had been with Syntex Corporation from 1978 to 1984. He served as the President of the International
Society for Antiviral Research. He has been Chairman of the Board of Gilead Sciences Inc., since May 2008. He served as
the Chairman of California Healthcare Institute from February 2009 to 2010. He served as the Chairman of BayBio. Dr.
Martin has been a Director of California Healthcare Institute since February 2009 and Gilead Sciences Inc. since April 1996.
He serves on the University of Southern California Board of Trustees. He served as a Director of Gen-Probe Inc. from
September 20, 2007 to August 1, 2012. He served as a Director of Biotechnology Industry Organization. He served on the
National Institute of Allergy & Infectious Diseases Council, Board of Trustees of the University of Chicago, the Board of
Trustees of Golden Gate University and the External Scientific Advisory Board of the University of California School of Global
Health. He is the Chairman of Gilead Sciences and Chief Executive Officer of Gilead Sciences at Gilead Palo Alto, Inc. He
served on the Centers for Disease Control/Health Resources and Services Administrations Advisory Committee on HIV and
STD Prevention and Treatment and was a member of the Presidential Advisory Council on HIV/AIDS. He has received the
Isbell Award from the American Chemical Society and the Gertrude B. Elion Award for Scientific Excellence from the
International Society for Antiviral Research. In 2008, he was inducted into the National Academy of Engineering of the
National Academies. Dr. Martin holds a PhD in Organic Chemistry from the University of Chicago and MBA in Marketing
from Golden Gate University.

CEO COMPENSATION
$20M

$0M
2009 2010 2011 2012 2013 2014

Total Compensation Salary Gilead Sciences's Performance (Relative)

MANAGEMENT TEAM TENURE BOARD OF DIRECTORS TENURE
Average tenure of the Gilead Sciences management team: Average tenure of the Gilead Sciences board of directors:

6.9 years 11.8 years

The average tenure for the Gilead Sciences The average tenure for the Gilead Sciences board of
management team is over 5 years, this suggests they are a directors is over 10 years, this suggests they are a seasoned
seasoned and experienced team. and experienced board.

MANAGEMENT TEAM BOARD OF DIRECTORS

TITLE TITLE TITLE TITLE
Chairman and Chief President and Chief Chairman and Chief Independent Director
COMPENSATION
Executive Officer Operating Officer Executive Officer
COMPENSATION COMPENSATION COMPENSATION $429,702
AGE
$18,957,994 $8,261,096 $18,957,994
AGE AGE AGE 72
63 54 63
TITLE TITLE TITLE TITLE
Chief Financial Officer Chief Scientific Officer Independent Director Independent Director
COMPENSATION COMPENSATION
and Executive Vice and Executive Vice
President President of Research & $434,702 $429,702
AGE AGE
COMPENSATION Development
$6,223,492 COMPENSATION 73 78
AGE
$6,794,187 TITLE TITLE
52 AGE
Independent Director Chairperson of Scientific
59 COMPENSATION
Advisory Board
$429,702
TITLE TITLE
AGE
Executive Vice President Vice President of 69
of Corporate & Medical Investor Relations
Affairs and Secretary
COMPENSATION
$5,977,304
AGE
49
RECENT INSIDER TRADING
The number of shares recently bought and sold by Gilead Sciences management and board of directors.

1 month 
 
3 months
 
6 months

1 year

SOLD BOUGHT

Gilead Sciences insiders have sold more shares than they have bought in the past 3 months.
COMPANY INFO
DESCRIPTION
Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes
medicines in areas of unmet medical nee in North America, South America, Europe, and the Asia-
Pacific. The company’s products include Stribild, Complera/Eviplera, Atripla, Truvada, Viread, Emtriva,
Tybost, and Vitekta for the treatment of human immunodeficiency virus (HIV) infection in adults; and Harvoni, Sovaldi,
Viread, and Hepsera products for the treatment of liver disease. It also offers Zydelig, a PI3K delta inhibitor, in combination
with rituximab, for the treatment of certain blood cancers; Letairis, an endothelin receptor antagonist for the treatment of
pulmonary arterial hypertension; Ranexa, a tablet used for the treatment of chronic angina; Lexiscan/Rapiscan injection for
use as a pharmacologic stress agent in radionuclide myocardial perfusion imaging; Cayston, an inhaled antibiotic for the
treatment of respiratory systems in cystic fibrosis patients; and Tamiflu, an oral antiviral capsule for the treatment and
prevention of influenza A and B. In addition, the company provides other products, such as AmBisome, an antifungal agent
to treat serious invasive fungal infections; and Macugen, an anti-angiogenic oligonucleotide to treat neovascular age-
related macular degeneration. Further, it has product candidates in various stages of development for the treatment of
HIV/AIDS and liver diseases, such as hepatitis B virus and hepatitis C virus; inflammation/oncology; serious cardiovascular;
and respiratory conditions. The company markets its products through its commercial teams and/or in conjunction with
third-party distributors and corporate partners. Gilead Sciences, Inc. has collaborations with Bristol-Myers Squibb
Company', Janssen R&D Ireland, and Japan Tobacco Inc. to develop and commercialize various products. The company was
founded in 1987 and is headquartered in Foster City, California.

DETAILS MAP
Name: Gilead Sciences Inc.
Ticker: GILD
Exchange: NasdaqGS
Founded: 1987
Market Cap: $156,026 million
Website: www.gilead.com

333 Lakeside Drive, Foster City, United States

NUMBER OF EMPLOYEES STREET

7,500

2009 2010 2011 2012 2013 2014

Employees
 CURRENT STAFF INDUSTRY

7,000 Gilead Sciences

employees.

Industry: Biotechnology
Sector: Pharmaceuticals, Biotechnology and Life Sciences

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